TheHill.com - Republican report puts blame for housing on Fannie, Freddie: "“The housing bubble that burst in 2007 and led to a financial crisis can be traced back to the federal government intervention in the U.S. housing market intended to help provide home ownership opportunities for more Americans,” declares the first sentence of the GOP Oversight and Government Reform report.
The report tries to center debate on government involvement, rather than Wall Street."
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It seems to me that it is hard to separate the respective roles of public policy and private profit-taking in creating the collapse of the housing market. However, there is nothing wrong with the GOP trying to remind people that bad policies played a major role, because since the election all we have been hearing from DC is that corporate greed is the root of all our problems. We have a political economy, not a free market economy.
Wednesday, July 08, 2009
Althouse: Look how silly the Russians made Obama look...
Althouse: Look how silly the Russians made Obama look...
Obama needs to invite the Rooskies to DC so he can get even. Challenge Medvedev to a game of one-on-one basketball, for example.
Obama needs to invite the Rooskies to DC so he can get even. Challenge Medvedev to a game of one-on-one basketball, for example.
Tuesday, July 07, 2009
U.S. mortgage fraud 'rampant' and growing-FBI | Markets | Bonds News | Reuters
U.S. mortgage fraud 'rampant' and growing-FBI | Markets | Bonds News | Reuters: "SAN FRANCISCO, July 7 (Reuters) - U.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday.
Suspicious activity reports rose to 63,713 in fiscal year 2008, which ended last September, from 46,717 the year before. California and Florida, centers of the housing bust, had the highest numbers of suspicious reports as foreclosures jumped, the stock market dropped and credit dried up."
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If middle class home owners are ever going to organize themselves to influence public policy, this should be the time. If not, there will not be enough meat on their bones to bait a fish hook.
Suspicious activity reports rose to 63,713 in fiscal year 2008, which ended last September, from 46,717 the year before. California and Florida, centers of the housing bust, had the highest numbers of suspicious reports as foreclosures jumped, the stock market dropped and credit dried up."
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If middle class home owners are ever going to organize themselves to influence public policy, this should be the time. If not, there will not be enough meat on their bones to bait a fish hook.
Don't make light of this situation
Strike a light! Do religious zealots get any barmier than this?: "AN Orthodox Jewish couple are suing their neighbours in a block of Bournemouth flats over motion sensors which automatically turn on the lights in the communal hallway."
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Thanks to Mystery Reader for this fascinating link. You see, they aren't supposed to use electricity from Friday night to Saturday night, but the lights are triggered automatically by sensors when they step out their door. Thus, they have to choose between violating their religious tenets and staying indoors.
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Thanks to Mystery Reader for this fascinating link. You see, they aren't supposed to use electricity from Friday night to Saturday night, but the lights are triggered automatically by sensors when they step out their door. Thus, they have to choose between violating their religious tenets and staying indoors.
Private communities present problems for Pa. | PoconoRecord.com
Private communities present problems for Pa. | PoconoRecord.com: "Some Pennsylvania legislators believe some new rules for private communities are needed. Local representatives receive frequent calls from homeowners in private communities, often complaining about association fees and limited services.
While private community homeowners pay state taxes, state grants are not available to residents. Private associations are not eligible to apply for most state grants.
Although Monroe County state Rep. Mario Scavello, R-176, introduced House Bill 1068 this year, which would provide grants and funding for dams that are privately owned. 'These private lakes, God forbid there is a breach, the communities around them are going to have problems,' Scavello said.)
Homeowners in private associations pay municipal property taxes, but no municipal dollars are spent within the gates of a private community.
Another bill introduced by Scavello would allow homeowners in communities to deduct 75 percent of their annual association fees from their state income tax return. This would help offset the 'double taxation' community homeowners say they face."
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Thanks to Cynthia Stephens for this link about some pretty dramatic proposals in PA.
While private community homeowners pay state taxes, state grants are not available to residents. Private associations are not eligible to apply for most state grants.
Although Monroe County state Rep. Mario Scavello, R-176, introduced House Bill 1068 this year, which would provide grants and funding for dams that are privately owned. 'These private lakes, God forbid there is a breach, the communities around them are going to have problems,' Scavello said.)
Homeowners in private associations pay municipal property taxes, but no municipal dollars are spent within the gates of a private community.
Another bill introduced by Scavello would allow homeowners in communities to deduct 75 percent of their annual association fees from their state income tax return. This would help offset the 'double taxation' community homeowners say they face."
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Thanks to Cynthia Stephens for this link about some pretty dramatic proposals in PA.
Property associations struggle as owners miss payments | Jacksonville.com
Property associations struggle as owners miss payments | Jacksonville.com: "With the economy in an extended slump and real estate along with it, there's myriad reasons why a Jacksonville homeowner or condominium owner might not be able to pay his or her property owner's association fees.
People who have always kept up with their bills suddenly find themselves choosing which bills to pay and which to let slip. Homeowners and condominium associations are under the gun, too. They are bound by a residential community's covenants to fulfill their obligations for amenities, maintenance and services in common areas and various other things, and their budgets are designed to raise only what they need."
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We are still on the upswing of this problem.
People who have always kept up with their bills suddenly find themselves choosing which bills to pay and which to let slip. Homeowners and condominium associations are under the gun, too. They are bound by a residential community's covenants to fulfill their obligations for amenities, maintenance and services in common areas and various other things, and their budgets are designed to raise only what they need."
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We are still on the upswing of this problem.
Florida law protects homeowners who put in less-thirsty yards - OrlandoSentinel.com
Florida law protects homeowners who put in less-thirsty yards - OrlandoSentinel.com: "When state Sen. Carey Baker proposed a law encouraging Florida homeowners to get rid of thirsty grass, he had Dorothy Bombera in mind. The Venice retiree has steadily ripped out her lawn, making room for daisies, perennial peanuts, palms and other drought-resistant plants.
But not all of her neighbors found the new scenery attractive, and her homeowners association threatened to fine Bombera if she didn't re-create the old, conventional yard.
Last week, Baker's legislation was signed into law by Gov. Charlie Crist, and Bombera is now off the hook.'They were up to a $480 fine,' Bombera said of the homeowners association. 'I think that passing this was the most wonderful thing.'"
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So common sense prevailed.
But not all of her neighbors found the new scenery attractive, and her homeowners association threatened to fine Bombera if she didn't re-create the old, conventional yard.
Last week, Baker's legislation was signed into law by Gov. Charlie Crist, and Bombera is now off the hook.'They were up to a $480 fine,' Bombera said of the homeowners association. 'I think that passing this was the most wonderful thing.'"
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So common sense prevailed.
Skid row murder-for-hire plot leaves two dead, LAPD says | L.A. Now | Los Angeles Times
Skid row murder-for-hire plot leaves two dead, LAPD says | L.A. Now | Los Angeles Times: "Chow said Lamont Ward, 40, of Inglewood used Flores to hire another man, Richard Luna, to carry out the murder....Ward was arrested July 1 in Inglewood. Police said he was arrested while working as a security guard in an upscale gated community."
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Perhaps somewhat more intensive screening of potential employees is in order.
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Perhaps somewhat more intensive screening of potential employees is in order.
islandpacket.com | Commission OKs plan to get emergency workers into gated communities quickly
islandpacket.com | Commission OKs plan to get emergency workers into gated communities quickly: "New development standards requiring gated communities to install devices that would give ambulances and other emergency vehicles a quick way to open their gates received unanimous approval Monday at a meeting of the Beaufort County Planning Commission.
Gated communities lacking the emergency openers would have to install one within 18 months at their own expense."
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Gated communities lacking the emergency openers would have to install one within 18 months at their own expense."
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Woman Attacked While Emptying Trash in Gated Community - KTLA
Woman Attacked While Emptying Trash in Gated Community - KTLA: "LADERA RANCH - Police are looking for 2 men who attacked and robbed a woman in broad daylight in a gated community in Orange County.
It happened around 10:30 Saturday morning in Covenant Hills."
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Well. That's not the way these places are supposed to operate.
It happened around 10:30 Saturday morning in Covenant Hills."
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Well. That's not the way these places are supposed to operate.
HOA Legi-Slate: New Action Without Meeting Requirements in Effect
HOA Legi-Slate: New Action Without Meeting Requirements in Effect: "On May 14, 2009, Governor Ritter signed into law House Bill 09-1248 (HB 1248) which amends the Revised Colorado Nonprofit Corporation Act (Nonprofit Corporation Act) and addresses in Section 20 the ability and procedures that boards of associations must follow when taking action outside of a board meeting."
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From a blog post by Molly Foley-Healy.
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From a blog post by Molly Foley-Healy.
Florida Land Use Law: 1stDCA Totally Screws Up the Analysis in a Bert Harris Case – [but Probably Reaches the Right Result]
Florida Land Use Law: 1stDCA Totally Screws Up the Analysis in a Bert Harris Case – [but Probably Reaches the Right Result]: "The case involves the City of Jacksonville abandoning a public street to a private homeowner’s association- a process that is not the same as vacating the street. When the street was abandoned, the private HOA refused to allow and adjoining landowner access to it. The result of the HOA’s refusal to permit access was that the landowner was unable to proceed with an 8 lot subdivision of the adjoining land."
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Blog post on an interesting situation.
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Blog post on an interesting situation.
The Hook News Blog » Blog Archive » Comer canned: Homeowners oust missing treasurer
The Hook News Blog » Blog Archive » Comer canned: Homeowners oust missing treasurer: "“The behind-the-scenes view of this is that he staged this thing and ran off,” says Tommy Stafford of Nelson County Life, the first local publication to notice the identity of the missing man. “They can’t be 100 percent sure,” says Stafford, who has conferred with several top law enforcement officers, “but things are certainly looking that way.”
Comer, whose day job is the presidency of Glenmore Country Club and who also represents the developer of the neighborhood of over 700 homes, reportedly went missing shortly after 9:30am Wednesday, July 1. That, according to a press release from the homeowners association, was less than an hour before a meeting with two association board members to discuss “incomplete data made available to the auditor.”"
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Hmmmmm. Let's not jump to any conclusions, but the circumstantial evidence is...interesting.
Comer, whose day job is the presidency of Glenmore Country Club and who also represents the developer of the neighborhood of over 700 homes, reportedly went missing shortly after 9:30am Wednesday, July 1. That, according to a press release from the homeowners association, was less than an hour before a meeting with two association board members to discuss “incomplete data made available to the auditor.”"
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Hmmmmm. Let's not jump to any conclusions, but the circumstantial evidence is...interesting.
Fight for HOA reform continues after bill fails | News 8 | WFAA.com
Fight for HOA reform continues after bill fails | News 8 | WFAA.com: "'The issue isn’t going away,” said Rep. Burt Solomons.
The Carrollton Republican introduced legislation in the last session aimed at reining in HOAs. The bill failed to come up for a vote in the Senate.
“We intend to continue fighting,” he said. “It’s gotten out of control and it’s very hard to rein them in.”... Lawmakers say there are 30,000 homeowners associations in Texas, which has only 5,000 towns.
“You have entities that have more power than any city council,” Scott said. “More power than any city government with no checks, no balances, no accountability, no transparency, no openness.” "
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This is mainly about foreclosure reform, as I understand it, and that is probably going to remain a huge issue in TX and elsewhere for the foreseeable future.
The Carrollton Republican introduced legislation in the last session aimed at reining in HOAs. The bill failed to come up for a vote in the Senate.
“We intend to continue fighting,” he said. “It’s gotten out of control and it’s very hard to rein them in.”... Lawmakers say there are 30,000 homeowners associations in Texas, which has only 5,000 towns.
“You have entities that have more power than any city council,” Scott said. “More power than any city government with no checks, no balances, no accountability, no transparency, no openness.” "
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This is mainly about foreclosure reform, as I understand it, and that is probably going to remain a huge issue in TX and elsewhere for the foreseeable future.
Delinquencies on home-equity loans hit record - Los Angeles Times
Delinquencies on home-equity loans hit record - Los Angeles Times: "Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.
Delinquencies on home-equity loans climbed to 3.52 percent of all accounts from 3.03 percent in the fourth quarter, and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group reported today. An index of eight types of loans rose for a fourth straight quarter, to 3.23 percent from 3.22 percent in October through December, the group said."
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If the employment situation doesn't reverse itself pretty soon, this recession will set all-time records.
Delinquencies on home-equity loans climbed to 3.52 percent of all accounts from 3.03 percent in the fourth quarter, and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group reported today. An index of eight types of loans rose for a fourth straight quarter, to 3.23 percent from 3.22 percent in October through December, the group said."
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If the employment situation doesn't reverse itself pretty soon, this recession will set all-time records.
U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says - Bloomberg.com
U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says - Bloomberg.com: "Thirty of the 50 biggest metropolitan areas have at least a 75 percent chance of lower prices through March 31, 2011, Walnut Creek, California-based PMI said in a report today. The decline is likely to spread to “all regions of the nation” from California, Florida, Nevada and Arizona, the states most affected by the housing slump, PMI said.
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI, the fourth- largest U.S. mortgage insurer, said in an interview."
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Can anybody say with a straight face that things are getting better?
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI, the fourth- largest U.S. mortgage insurer, said in an interview."
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Can anybody say with a straight face that things are getting better?
Big Banks Don't Want California's IOUs - WSJ.com
Big Banks Don't Want California's IOUs - WSJ.com: "A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap."
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California funny money becomes basically useless in three days. Apparently some credit unions will keep accepting it, but that won't last.
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California funny money becomes basically useless in three days. Apparently some credit unions will keep accepting it, but that won't last.
Monday, July 06, 2009
Legal Bills Swayed Palin, Official Says - NYTimes.com
Legal Bills Swayed Palin, Official Says - NYTimes.com: "Lt. Gov. Sean Parnell of Alaska said Sunday that Gov. Sarah Palin’s decision to resign was largely prompted by the personal legal costs of the ethics investigations against her."
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Think about that. Palin may have given up her political career, at least for the foreseeable future, because of the costs of legal defense. Now imagine that you are a homeowner in a CID. You have to pay your own lawyer. The association draws on the resources of all the owners. This imbalance in legal representation is one of the main sources of association power.
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Think about that. Palin may have given up her political career, at least for the foreseeable future, because of the costs of legal defense. Now imagine that you are a homeowner in a CID. You have to pay your own lawyer. The association draws on the resources of all the owners. This imbalance in legal representation is one of the main sources of association power.
California’s Nightmare Will Kill Obamanomics: Kevin Hassett - Bloomberg.com
California’s Nightmare Will Kill Obamanomics: Kevin Hassett - Bloomberg.com: "The California morass has Democrats in Washington trembling. The reason is simple. If Obama’s health-care plan passes, then we may well end up paying for it with federal slips of paper worth less than California’s. Obama has bet everything on passing health care this year. The publicity surrounding the California debt fiasco almost assures his resounding defeat."
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California is running on $3 billion worth of IOUs for the month of July alone.
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California is running on $3 billion worth of IOUs for the month of July alone.
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